Textile And Garment Plate Warmer! Is The Quarterly Report Of 60 Textile Companies Listed Unexpectedly?
Since 2019, the policy of benefiting from tax reduction and lowering fees has come down, and a number of positive effects such as encouraging consumption measures have been launched. Social retail and Garment Retailing are getting warmer every month. The textile and garment sector also continues to recover in the fourth quarter of 2018. Agencies generally point out that 2019 is expected to reach a low and high level in the whole year. The overall performance is expected to be significantly better than last year. 。
Under the changing trade friction between China and the United States, the complex and severe external environment that the textile industry is facing is difficult to completely change. Various uncertain factors still exist, but the positive factors are also increasing.
One side, Global economic and trade growth expectations are slowing down, and demand for textile and apparel market in the international market is unlikely to improve significantly in the short run. There is downward pressure on the domestic macro economy. The consumption of domestic demand is more focused on service oriented and improved consumption, and the potential of mining industry to tap domestic demand is facing many challenges. 。
On the other hand, under the expected impact of the economic slowdown, the pace of global monetary liquidity is slowing down and the currencies of countries will be moderately relaxed, which is expected to drive market confidence up. International market demand is also expected to gradually stabilize. China's macro-economic operation is stable, the economic growth level is better than expected in the first quarter, and the growth level of consumer confidence index and per capita income is better than that of the same period last year. To provide a strong support for the gradual improvement of the domestic demand market. Further optimization of the domestic policy environment will help stabilize the macro-economy and consolidate the foundation for steady growth of domestic demand. The domestic market environment facing the textile industry will also steadily improve.
Textile sector growth remains strong
According to the statistics of the first quarter of 2019, 60 listed companies of textile and garment industry, which were closely watched by reporters, 37 companies Net profit in the first quarter increased year by year, accounting for about 61.6% 。
From the perspective of various sectors of the textile and garment industry, Textile sector growth remains strong 。 Of the 30 listed companies selected by the textile sector, 23 of the main revenue grew year by year, and 21 grew in net profit. In the 25 listed companies selected by the apparel sector, the main revenue increased 17, the net profit grew 15, and the 5 listed companies selected by the home textile board increased 2 year-on-year, with 2 growth in net profit.
Further look, The performance of 6 companies increased by more than 100% in the first quarter. , Xinxiang chemical fiber, Huamao shares, Jia Linjie, Xinxi bird, Xinlong holdings, Hinur In the first quarter, net profit growth reached 709.81%, 359.13%, 118.95%, 159.18%, 136.80% and 121.05% respectively.
The reasons for the changes in the performance of the listed companies from the textile sector show that some enterprises' overseas production capacity has been steadily improving, and their performance has been warmer. Starting from the three quarter of 2018, the uncertainty of the Sino US trade friction and the insipid influence of domestic downstream demand made the order growth rate of textile enterprises begin to decline, and the fourth quarter continued to be more dull. 2019 the order growth of textile enterprises in the first quarter is relatively stable, basically flat with the same period last year. In the future, with the gradual expansion of overseas capacity, it is expected to promote steady growth in performance.
Shen Wan Hongyuan Securities Research Report Analysis, leading enterprises to Vietnam and other overseas markets to expand production has become a trend. First, some textile enterprises in China began to enter Vietnam's overseas market layout in recent years. Although it is slightly later than Japan and Korea, it develops faster. Two, a large number of textile enterprises in Vietnam and other overseas market expansion capacity, such as Baron East, Lu Tai textile, Shenzhou International, Jen Sheng group and so on are vigorously developing in Vietnam. At present, Vietnam's capacity accounts for more than 1/3 of the total capacity of the company, and Vietnam's capacity will continue to rise in the future.
In the two quarter of the upstream textile manufacturing enterprises, the growth of the upstream textile manufacturing enterprises will be constrained by less than expected production, the risk of exchange rate fluctuations, the risk of large fluctuations in raw material prices, and the intensification of Sino US trade friction.
Apparel and home textiles sector expects better in the two quarter
From the first quarter of the performance of the apparel sector growth, the overall operation stabilized, high-end consumer consumption warmer than expected. For example: Bio Net profit attributable to shareholders of listed companies increased by 52.91%, and brand in the golf apparel market and T-shirt market share were among the best. Grace Net profit growth attributable to shareholders of listed companies increased by 11%. The sales of main brands in 2018 increased by 8.3% compared with the same month last year, and the market is expected to sink in 2019 to open up new growth space. Net profit growth is relatively fast. Wedding bird The main reason for this change is the increase in main revenue, the increase in government subsidies and the decrease in the payment of restricted stock shares.
From the home textile sector, starting from the two quarter of 2018, the home textile industry has been greatly affected by the impact of low price products. The online and offline channels have been significantly affected. After two quarters of adjustment, the income growth of the home textile industry in the fourth quarter of 2018 has been stable. In 2019, the growth rate slowed down in the same period last year. Many love, rich Anna, Luo Lai life Quarterly data show that net profit attributable to shareholders of listed companies decreased by 38.27%, 16.32% and 7.59% respectively.
Shen Wan Hongyuan securities research report predicts that from the two quarter, the growth rate of home textile industry will gradually speed up, and the business situation will gradually improve. Store expansion, continue to optimize the store structure, big store strategy steadily, strengthen brand influence.
Mercury Actively promoting more than 140 square meters of large shops and more than 200 square meters of the expansion shop and Exhibition shop, the number of stores increased. At the end of last year, there were about more than 2700 stores, of which about 400 were large stores, accounting for nearly 15%. Last year, Life of Luo Lai There are 118 shops with a net expansion area of 56 thousand square meters, with an average area of over 200 square meters. The total number of stores is about 2700, which has been upgraded to more than 350 stores last year. Fuanna There are about 1310 outlets under the line, which will continue to close inefficient stores. Among them, the national and second tier cities accounted for about 53% of the terminal layout, accounting for about 6: 4 of the shops along the street and the shopping malls, and the total number of large shops with more than 250 square meters was nearly half the total number, so as to directly enhance the brand image and competitiveness.
In terms of profitability, Home textile industry gross margin remained stable 。 Inventory and receivables turnover declined slightly, and is expected to be gradually restored in the future. For example, in the first quarter of 2019, the gross profit margin of life and mercury home textiles increased by 0.8% and 0.9% respectively compared with the same period last year. In the first quarter of 2019, fuanna dropped by 1.1% compared with the same period last year, mainly due to the obvious increase in the proportion of low margin e-commerce business, as well as the slow delivery speed and active inventory clearance.
Chinese Financial Research Report Analysis, home textile enterprises are expected to benefit from the real estate cycle. First, second tier cities real estate data improved, demand improvement is expected to be pmitted to home textile consumption in the second half.
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